TEHRAN - Iran’s Minister of Industry, Mining and Trade Mohammad Atabak said decisions regarding foreign currency management are now being made through a specialized committee that includes a representative from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA). The move aims to enhance coordination in managing the country’s foreign exchange resources more effectively.

Speaking about the recent 12-day conflict, Atabak said the enemy’s objective was to trigger economic collapse. However, he praised the resilience and unity demonstrated by the military, public, business community, chambers of commerce, and retailers, which helped the country weather the crisis. He said this cohesion strengthened Iran’s position among regional powers.

Addressing domestic economic challenges, Atabak acknowledged ongoing tensions in industrial production but called some of the volatility natural. He pointed to the implementation of a crisis support package, which he said had a measurable impact and could be extended. He noted that the rollout of the package was delayed in reaching provincial authorities and banks, and therefore its duration may need to be extended.

The minister explained that foreign exchange decisions are being made through a committee process, where the voice of the ICCIMA is factored in. He admitted that the entanglement of trade and currency policy had created challenges, which the ministry is working to resolve.

He emphasized the importance of supporting export-generated revenues, asserting that export earnings belong to the exporters and must be respected in policymaking. Atabak also revealed efforts to raise the ceiling for mandatory currency repatriation from 60 percent to 70 percent, a change that may be submitted to the cabinet for approval.

On the issue of production equipment, he said a credit line has been established between the Central Bank and a foreign country to facilitate machinery imports, although the process is slower than for other goods.

The minister expressed concern over rising production costs and said the government is exploring ways to revive non-currency-based trade mechanisms. He also noted that technical issues related to Iran’s import registration system are being actively addressed.

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